As of this week, iPhone users finally have an alternative to Apple’s music store. The new version of Amazon’s app allows songs and albums to be purchased and downloaded directly onto the mobile devices — a development that could put pressure on Apple to lower its prices, writes Quentin Fottrell.

Also in today’s Personal Finance pages, Charles Passy tries a blended red wine from Colorado that received an 89-point rating from Wine Spectator. And Robert Powell offers tips on how to boost income and cut expenses in retirement.

Jumbo mortgages may become jumbo hassles

10 states with the most homes in foreclosure

Foreclosures in the U.S. are declining, but many of the states hardest-hit by the housing crisis and recession continue to be weighed down by a higher rate of homes in the foreclosure process. Take a look at the 10 states with the most foreclosures, calculated by 24/7 Wall St. 10 states with the most homes in foreclosure.

RETIREMENT

How to retire like a cheapskate—and live well

Cities’ pensions face big shortfall

Unmanageable promises and an unsteady economy have resulted in shortfalls for state governments’ retiree pension and health programs that now total almost $1.4 trillion. Cities’ pensions face big shortfall.

Protecting retirement income: How much?

Stumped by Te’o story? It shows your age

Few stories are gobbling up more airtime right now than the saga of Manti Te’o and his nonexistent girlfriend. But reactions to the saga reveal a generational divide. Stumped by Te’o story? It shows your age.

ECONOMY AND POLITICS

Republicans seek three-month debt increase

House Republicans next week will take up a bill to extend the U.S. debt ceiling by three months, a move that would push the deadline for raising the borrowing limit to mid-April. Republicans seek three-month debt increase.

Fed’s nightmarish year of 2007 comes into focus

The central bank releases transcripts of its 2007 meetings, a nightmarish year that began with a bright outlook but ended with desperate efforts to ward off the biggest downturn since the Great Depression. Fed’s nightmarish year of 2007 comes into focus.

Consumer sentiment declines in January

Gloomier views of current conditions are reflected in the University of Michigan-Thomson Reuters gauge of consumer sentiment declining in January to the lowest level seen since December 2011. Consumer sentiment declines in January.

Levitt, Bogle debate penny ticks

China’s economy grows more than expected

China’s economy grows by 7.9% in the fourth quarter of 2012, beating economist expectations and adding to signs that the world’s second-largest economy is on an improving trajectory. China’s economy grows more than expected.

Obama poised to serve up legislative barrage

Just as President Barack Obama is poised to take his second oath of office, events seem to be pushing him to follow through on his full second-term agenda right away, says columnist Darrell Delamaide. Obama poised to serve up legislative barrage.

INVESTING

Where stock market will be in January 2017

Where will the stock market be trading in January 2017, four years from now? Surprisingly, Mark Hulbert reports that the stock market’s return over the next four years may be more predictable than whether it will close up or down today. Where stock market will be in January 2017.

Stocks wake up and break out

After drifting sideways in a state of virtual somnambulation, the stock market finally broke out to the upside Thursday. Stocks wake up and break out.

5 ways to be the best investor you can be

Money continues to flow out of mutual funds run by professional managers and into funds that track a market index. Is there any reason to consider an active manager? asks Michael Mauboussin. 5 ways to be the best investor you can be.

Make 2013 a year of investing dangerously

The best developed markets in 2013 may well be — are you sitting down? — in Europe, especially its toxic southern debt belt of Spain, Italy, and Greece, writes Howard Gold. Make 2013 a year of investing dangerously.

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